In Uttar Pradesh, the weavers of Banarasi silk are bearing the brunt of the outbreak in China due to the restrictions on travel as well as import and export.
As per the traders of Varanasi, so far, 20 per cent of the business has taken a beating due to low raw silk thread stock for handlooms.
Initially, the Chinese government had imposed restrictions on the shipment carrying silk thread till February 10 in order to minimise the chances of the virus spreading but now it has been extended till February 24.
“The last shipment of Chinese silk yarn reached India on January 15,” says Vaibhav Kapoor, Vice-President, Silk Trade Association.
However, he sees it as a golden opportunity for the Indian silk yarn market to capitalise on the situation and stabilise its position in the competition.
Banarasi silk trade is a huge industry with an annual turnover of Rs 5,000 crore to Rs 10,000 crore.